CBS and AXS TV Partner To Enhance Leading Live Events Network Dedicated To Live Music And Pop Culture

February 14, 2013 --

LOS ANGELES, Feb. 14, 2013 /PRNewswire/ --CBS Corporation (NYSE:CBS) announced today that it has partnered with AXS TV, the leading television network dedicated to broadcasting live events from the worlds of music and pop culture. Launched in July 2012, AXS TV is a joint venture among Mark Cuban Companies, AEG, Creative Artists Agency (CAA) and Ryan Seacrest Media, and currently has 38 million subscribers to the service. Originally available in high definition, AXS TV is now also available in a standard definition format.

The announcement was made by Leslie Moonves, President and CEO of CBS Corporation, Tim Leiweke President and CEO of AEG, and Mark Cuban, who will continue to lead the network in his current role as President and CEO of AXS TV. Terms of the transaction are not being disclosed.

The multi-year commitment from CBS provides for promotion and access to content and shoulder programming opportunities, in addition to strategic support.

"CBS is happy to provide AXS TV with live event content as the basis of this partnership," said Moonves. "This is an innovative way to use our tentpole programming to gain more ownership in the cable network business. AXS TV will now serve as a terrific complement to our existing broadcast television entertainment programming."

"CBS brings the industry's best and most respected resources and experience to AXS TV which will accelerate our growth and realization of our vision that, 'The future of TV is TV,'" commented Cuban.

"It was amazing to see the transformation from HDNet to AXS TV, and now this new partnership with CBS will create a new kind of live entertainment experience for fans," said Leiweke. "We share Mark's vision of bringing together the best minds and the best companies in the entertainment space. Nobody does it better than CBS and Les Moonves and I consider him the finest at what he does. Add the power of CBS to 'the Shark' Mark Cuban and then combine this with AEG, Ryan Seacrest Media and CAA, and I believe this is not just 'must see TV,' it's 'can't miss TV'," Leiweke added.

About AXS TV

Launched in July 2012 under the vision and stewardship of entrepreneur Mark Cuban, AXS TV is the premier destination for live events, breaking news, and as-they-are-happening trends in the worlds of pop culture, music, fashion, and entertainment.

AXS TV Concerts is the premier source on television for 100% live music. From multi-day festivals to stadium tours to club acts, AXS TV delivers an unparalleled shared experience for fans of all genres. Leveraging the network's vast landscape, artists expand their reach to live behind-the-scenes moments, live fan Q&As, social media engagement and more unique opportunities specifically for the AXS TV audience. With multiple live concerts weekly, AXS TV is the number one destination for artists and their fans to experience and share a pure live event in the world of music and pop culture. Live LIVE!

With production facilities at AEG's owned and operated L.A. LIVE (which includes venues such as STAPLES Center, Nokia Theatre L.A. LIVE, Club Nokia and The GRAMMY Museum's Clive Davis Theater), as well as their access to their worldwide network of the busiest venues of all sizes, AXS TV has the inside track to programming that connects audiences with the complete live experience.

From show creation and development to rehearsals, sound-check and performance and right thru the after-party, AXS TV viewers get an immersive look into their favorite acts touring today from across the globe.

The largest independently owned and operated network, AXS TV was developed by entrepreneur Mark Cuban and Philip Garvin. The network partners include Mark Cuban, AEG, Ryan Seacrest Media and Creative Artists Agency (CAA). For more information, go to www.axs.tv.

About CBS Corporation

CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world's largest libraries of entertainment content, making its brand "the Eye" one of the most recognized in business. The Company's operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, outdoor advertising, and interactive and socially responsible media. CBS's businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Showtime Networks, CBS Sports Network, Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor, CBS Television Studios, CBS Global Distribution Group, CBS Interactive, CBS Consumer Products, CBS Home Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.

About AEG:

AEG is one of the leading sports and entertainment presenters in the world. AEG, a wholly owned subsidiary of the Anschutz Company, owns or is affiliated with a collection of companies including over 100 of the world's preeminent facilities such as STAPLES Center (Los Angeles, CA), The Home Depot Center (Carson, CA), Best Buy Theater (Times Square, New York), Sprint Center, (Kansas City), Rose Garden Arena (Portland, OR), Target Center (Minneapolis, MN), Mercedes-Benz Arena (Shanghai, China), MasterCard Center (Beijing, China), O2 World Hamburg, Allphones Arena (Sydney, Australia), Ericsson Globe arena (Stockholm, Sweden), O2 World arena (Berlin, Germany) and The O2 arena and entertainment district (London, England) which are all part of the portfolio of AEG Facilities. Developed by AEG, L.A. LIVE is a 4 million square foot / $2.5 billion downtown Los Angeles sports, residential & entertainment district featuring Nokia Theatre L.A. LIVE and Club Nokia, a 54-story, 1001-room convention "headquarters" destination along with entertainment, restaurant and office space that "officially" opened in 2010.In addition to overseeing privately held management shares of the Los Angeles Lakers (NBA), assets of AEG Sports include franchises and properties such as the 2012 Stanley Cup Champion LA Kings (NHL), Two-time defending MLS Cup Champion LA Galaxy and Houston Dynamo (MLS), two hockey franchises in Europe, the Amgen Tour of California cycling race and Bay to Breakers foot race. AEG Live, the company's live-entertainment division, is the world's second largest concert promotion and touring companies and is comprised of touring, festival, exhibition, broadcast, merchandise and special event divisions with fifteen regional offices. AEG Global Partnerships, a division responsible for worldwide sales and servicing of sponsorships naming rights and other strategic partnerships and AEG Merchandising, a multi-faceted merchandising company are also core business units of AEG. In 2010, AEG launched its AEG 1EARTH environmental program with the announcement of 2020 environmental goals and the release of the industry's first sustainability report while in 2011, AEG introduced axs Ticketing, the first phase of its new entertainment platform serving as the company's primary consumer brand which will also features a mobile service as well as a video content service now in development. For additional information, visit www.aegworldwide.com.